Michaela Merz


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India – Government removes requirement of payment of GST on advances received for supply of goods and allows manual filing of refund applications


The CBEC has issued notification nos. 55-66/2017-Central Tax, Circular no. 16/16/2017-GST, 17/17/2017-GST and order no. 9-10/2017-GST, all dated 15 November, 2017. While majority of the amendments give effect to the changes announced in the 23rd GST Council meeting, there are a few other significant relaxations, Continue reading


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India – Government extends due date for filing GSTR 1, GSTR 2 and GSTR 3 for the months of July and August, 2017


The Government has tweeted on its official twitter handle for queries on GST about the extension of due dates for submission of detailed returns in Forms GSTR 1, GSTR 2 and GSTR 3 for the months of July and August, 2017. The formal notification for extending the timelines is expected shortly. Continue reading


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India – The Government confirmed the introduction of GST as from 01 July and finalises pending rules


After the end of the seventeenth meeting of the GST Council, the Government has categorically reiterated the introduction of GST from 01 July.

Considering the preparedness of the Industry, the GST Council has relaxed the return filing timelines for the first two months after the introduction of GST. The GST Council also finalised five sets of rules (except e-way bills) and the rate of tax on lottery, in addition to amending the rate of tax for the hospitality industry. Continue reading


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India – The Government reduces tax rate on 66 items, increases the composition limit from INR 5 million to INR 7.5 million, and finalises accounts and records rules


The Government reduces tax rate on 66 items, increases the composition limit from INR 5 million to INR 7.5 million, and finalises accounts and records rules.

In brief
At its sixteenth meeting, the GST Council decided to reduce the tax rates on 66 items out of the 133 items for which it had received representations. Continue reading


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India – Government issues draft rules for accounts and records, appeals and revision, and advance ruling


The Central Government has issued draft rules for accounts and records, appeals and revision, and advance ruling. This is in addition to rules issued earlier for comments from the stakeholder. With this, the Government has issued most of the rules for the Goods and Services Tax regime.

Please click HERE to read the full News Alert.

 

Bildquelle: Rosel Eckstein  / pixelio.de


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India – 1 July 2017 seems the possible date for GST implementation


Eleventh meeting of GST Council – GST Council clears CGST and IGST law

In a constructive meeting of the GST Council, various important aspects have been finalised. The CGST and IGST laws have been formally approved by the GST Council. Continue reading


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India – The Government is still aiming to pass the GST laws till 16 of December


358699_web_r_b_by_dieter-schutz_pixelio-deEven though no progress was made in the last GST Council meeting on 2 and 3 December 2016, last month had seen substantial developments on the GST front. Few of these have been summarised below for reference:

(i) Rates decided

In the meeting held on 3 November 2016, a multi-tiered GST rate structure was finalised as under: Continue reading